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NSE Intra-day chart (26 June 2019)
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Market Commentary 27 June 2019
Markets likely to make a cautious start on Thursday


Indian equity indices sustained their gaining rally for the second straight session on Wednesday, with Sensex and Nifty closing higher by around 0.40% each. The markets made a negative start of the day, amid Former RBI deputy governor Rakesh Mohan's statement that manufacturing growth is not consistent with India's overall Gross Domestic Product (GDP) growth figures. He noted that the country cannot grow at 8 percent without manufacturing sector posting 10 percent growth. But soon, markets staged recovery, taking support with exporters body Federation of Indian Export Organisations' (FIEO) statement that exports are likely to touch $1 trillion in the next 3 years with the help of the government's focus to improve logistics, ease of doing business and modern trade infrastructure. Key indices remained positive for the most part of the session to end in green terrain, as the Employees' State Insurance Corporation's (ESIC) gross payroll data showed that Job creation was slightly up at 10.88 lakh in April as compared with 10.77 lakh in the year-ago month. Gross new enrolments in 2018-19 stood at 1.49 crore, indicating that these many jobs were created in the financial year. Traders were also positive, as the Vice President Venkaiah Naidu made some suggestions to the Finance Minister with regard to the upcoming Budget. Among others, he stressed the need to take steps to protect agriculture and introduce structural changes. Naidu also suggested to the minister to undertake a review of the Import-Export Policy and protect the interests of the farming community. Finally, the BSE Sensex gained 157.14 points or 0.40% to 39,592.08, while the CNX Nifty was up by 51.10 points or 0.43% to 11,847.55.


The US markets ended mostly lower on Wednesday after an early rally - fueled by optimism over the next round of US-China trade talks - lost momentum toward the end of the day. Treasury Secretary Steven Mnuchin said ahead of the highly anticipated G20 meeting between President Donald Trump and Chinese President Xi Jinping. The US and China had nearly completed a deal before talks broke down last month. He added we were about 90 percent of the way there and I think there's a path to complete this. However, Mnuchin refused to speculate on whether a deal would be completed but he was hopeful, noting President Trump and President Xi have a very close working relationship. On the economic front, new orders for US manufactured durable goods unexpectedly showed another steep drop in the month of May, according to a report released by the Commerce Department. The Commerce Department said durable goods orders slumped by 1.3% in May after tumbling by a revised 2.8% in April. The continued decrease surprised participants, who had expected durable goods orders to rise by 0.2% compared to the 2.1% drop originally reported for the previous month. Transportation equipment led the way lower once again, with orders in the volatile category plummeting by 4.6% in May after plunging by 7.6% in April. Orders for non-defense aircraft and parts showed a continued nosedive. Excluding the continued collapse in orders for transportation equipment, durable goods orders rose by 0.3% in May after edging down by 0.1% in April. Street had expected a 0.1% uptick. Dow Jones Industrial Average declined 11.40 points or 0.04 percent to 26536.82 and S&P 500 was down by 3.60 points or 0.12 percent to 2913.78, while Nasdaq gained 25.25 points or 0.32 percent to 7909.97.


Crude oil futures ended higher on Wednesday after the Energy Information Administration (EIA) reported that US crude supplies dropped by 12.8 million barrels for the week ended June 21. S&P Global Platts expected a decline of 2.8 million barrels in crude stocks, on average. The American Petroleum Institute on Tuesday reported a 7.5 million-barrel fall. The EIA data also showed that gasoline inventories were down by 1 million barrels, while distillate stockpiles fell 2.4 million barrels last week. The S&P Global Platts survey had shown expectations for supply declines of 1.1 million barrels each for gasoline and distillates. Benchmark crude oil futures for August surged $1.55 or 2.7 percent to settle at $59.38 a barrel on the New York Mercantile Exchange. August Brent rose $1.44 or 2.2 percent to settle at $66.49 a barrel on London's Intercontinental Exchange.


Indian rupee gained ground against dollar and ended higher on Wednesday, on persistent selling of the American currency by exporters.  Sentiments remained up-beat with Federation of Indian Export Organisations' (FIEO) statement that the government's focus to improve logistics, ease of doing business and modern trade infrastructure will help exports to touch $1 trillion in the next three years. Moreover, positive gains in the domestic equities too supported the domestic unit. However, dollar's strength against major global currencies overseas restricted the local unit's further up move. On the global front, dollar edged up from a three-month low on Wednesday, as investors dialed back expectations for aggressive US rate cuts next month but broader conviction the Federal Reserve will need to ease policy soon capped greenback gains. Finally, the rupee ended at 69.15, 21 paise stronger from its previous close of 69.36 on Tuesday.


The FIIs as per Wednesday's data were net buyers in equity segment, while they were net sellers in debt segment. In equity segment, the gross buying was of Rs 6056.58 crore against gross selling of Rs 3636.67 crore, while in the debt segment, the gross purchase was of Rs 924.37 crore with gross sales of Rs 2136.84 crore. Besides, in the hybrid segment, the gross buying was of Rs 347.20 crore against gross selling of Rs 12.05 crore.


The US markets ended mostly lower on Wednesday as investors waited for developments on a trade deal with China. Asian markets are trading in green on Thursday despite US President Donald Trump gave mixed signals on US-China trade negotiations. Indian markets ended higher with modest gains for second straight session on Wednesday, backed by firmness in banks and metal stocks. Today, the start of the F&O series expiry session is likely to be cautious amid mixed cues from global markets. There will be some cautiousness with Telecom Minister Ravi Shankar Prasad's statement that foreign direct investment (FDI) in the Indian telecom sector dropped by around 43 per cent to $2.6 billion in fiscal year 2018-19. However, traders may take some support later in the day with a private report that as it looks for means to push growth, the government can look at issuing infrastructure bonds via a special purpose vehicle (SPV), which could mop up over Rs 95,000 crore or 0.5 percent of GDP. Some support may also come with Arvind Panagariya's statement that the escalating trade war between the US and China is an opportune time for India to attract the large multinationals looking for alternative locations outside the Communist country. Meanwhile, the Reserve Bank of India (RBI) has issued guidelines for setting up of financial benchmark administrator (FBA) for administering significant benchmarks in the markets for financial instruments. Benchmarks administered outside India do not fall under the scope of the guidelines. There will be some reaction in Micro Small and Medium Enterprises (MSME) sector stocks with report that the U K Sinha Committee, set up by the RBI on MSME, has recommended financial support of Rs 15,000 crore to the MSME sector, which contributes significantly to employment generation and has as a hefty share of over 40 percent in exports. It added that the contribution of the sector in the economy is currently constrained due to several challenges affecting growth in the sector. There will be some buzz in the metal stocks with report that India's finished steel exports in May fell to their lowest in three years as shipments to traditional markets in the European Union (EU) and Nepal shrank.


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  • NTPC has won entire 40 MW of Solar capacity bid by it at a levelised tariff of Rs 3.02/kWh applicable for 25 years.  
  • ICICI Bank is eyeing to grow its retail loan disbursement in Kerala by over 20 percent to Rs 3,100 crore in FY20. 
  • Tech Mahindra has entered into strategic global alliance with K2View to help organizations accelerate and bridge digital transformation. 
  • LIC has sold over 1.92 crore shares, repressenting about 2 per cent stake of Asian Paints, through the open market transaction.
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